- ADA/USD eyes 100-DMA after falling channel breakout on the daily chart.
- RSI points north while within the bullish territory.
- Bullish momentum likely to persist in the week ahead.
Amid a broad recovery seen across the crypto markets over the past week, Cardano (ADA/USD) is not left behind, as it now trades near the five-week highs of $0.1099.
The recovery momentum in the coin picked up pace after the price cut through the falling trendline resistance at $0.0968 on Friday. While a daily closing above the downward sloping 50-daily moving average (DMA) at $0.0998 bolstered the bulls further.
On Saturday, the spot opened well above the 50-DMA and now looks to extend the bullish break towards the next critical resistance of the horizontal 100-DMA at 0.1155.
The 14-day Relative Strength Index (RSI) points north and heads towards the overbought region, currently at 61.91.
To the downside, the 50-DMA resistance now support could offer some respite to the bulls should the price retrace after the recent upsurge.
A failure to defend the later could put the $0.0959 falling channel resistance-turned-support at risk.
ADA/USD: Daily chart
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